there is no scenario where chips keep going up

Investor summaryBearish

Author argues chip stocks can't keep rising: positive AI capex ROI shifts funds to SaaS, while negative ROI halts chip purchases.

Bear points

If AI capex ROI is positive, capital will rotate from chips to SaaS, causing chip stocks to fall.
If AI capex ROI is negative, SaaS companies will stop buying chips, causing chip demand to drop.

AI 资本开支半导体

Post body

it's impossible

SaaS invest on chip, chip go up

either ROI is positive, then people will move from chip to SaaS, chip go down

either ROI is negative, then SaaS stop buying chip, chip go down

so tell me how investing on chips is not a stupid idea

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